Arrow claims it had a spiffing second quarter in the face of supply chain prolems.
The outfit reported sales of $9.46 billion, up ten percent year on year with its net income climbed 53 percent to $370 million compared with $241 million in the second quarter of 2021.
While changes in foreign currencies had negative impacts on growth of approximately $291 million on sales and $0.17 on earnings per share on a diluted basis compared to the second quarter of 2021.
Arrow president and CEO, Sean Kerins said: “While market conditions are challenging, they provide ample opportunities to demonstrate Arrow’s commitment to the success of our customers and suppliers. We delivered all-time record quarterly sales, gross profit, operating income, and earnings per share while in the face of ongoing supply and demand imbalance.”
Kerins added that demand for electronic components and associated design, engineering and supply chain services remained strong.
He claimed that past investments to boost capabilities in engineering and supply chain have led to advancements in profit performance.
Global electronic components logged sales of $7.46 billion for the quarter, an increase of 13 percent.
Components sales in the Americas grew 26 percent while European components sales rose 21 percent year on year.
Arrow claims its global enterprise computing solutions sales of $2 billion reflected an increase of two percent.
The segment grew seven percent in Europe and remained flat in the Americas, with a decrease of one percent year on year.
